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Oil Capital
EPIC: POS
Market: AIM
52-week High/Low: 136.73p / 53.00p
Sector: Energy
Market Cap: 74.82M

Plexus is an established oil and gas engineering and service business, admitted to the London Stock Exchange AIM Market in December 2005.


Based in Aberdeen Plexus has become the largest supplier of specialist jack-up exploration wellhead equipment with nearly 100% of the North Sea market, and a growing international reach including Brunei, China, Egypt, Malaysia, Russia and West Africa.


Our patented POS-GRIP technology was invented, developed and commercialised by Plexus’ founder and CEO, Ben van Bilderbeek, an accomplished engineer, with over 35 years industry experience. Ben is also a successful entrepreneur and received the accolade of Entrepreneur of the Year 2013 at Grant Thornton’s Quoted Company Awards.


Our unique POS-GRIP products are safer, more reliable and cost-effective, and technically superior to our competitors’ and it is thanks to the success of this technology, and future prospects in the important subsea sector that Plexus is confident that despite current oil price volatility the long term future is exceptionally bright.. Winning the Best Oil and Gas Plc at the Annual Stock Market Wire Awards 2013 provided further evidence that our reputation as a supplier of the best-in-class wellhead equipment is gaining momentum.

The Plexus Group is traded in the ISDX Exchange HERE

Plexus Holdings

www.plexusplc.com

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Big picture - Why invest in Plexus Holdings

Plexus Holdings Snapshot

The Directors believe that by using POS-GRIP technology in wellhead systems a number of significant advantages over existing 'slip and seal' and 'mandrel hanger' wellhead technologies are offered which can include, depending on application:

  •     Enhanced safety
  •     Larger metal to metal seal areas
  •     Virtual elimination of movement between the sealing parts
  •     Fewer components
  •     Simplified design and assembly
  •     Enhanced corrosion resistance
  •     Simpler to manufacture
  •     Reduced installation cost
  •     Lower unit cost
  •     Increased reliability

As oil and gas exploration and production shifts to more extreme operational environments in response to increasing demand, the Directors recognise that there is a significant marketing opportunity in unconventional fields. They believe that the POS-GRIP wellhead technology is ideally suited to enable some of the more extreme fields to be commercially viable, particularly where high pressure and high temperature ('HP/HT') conditions exist.

Notwithstanding what the Directors perceive as the clear advantages of POS-GRIP technology in niche markets such as jack-up exploration drilling, which can generate high operating margins, the Directors consider that the greatest commercial potential for POS-GRIP technology is in the mainstream production wellhead market. In order to exploit this market, the Company recently introduced a further proprietary POS-GRIP product line known as the HG® wellhead. The current worldwide market for wellheads and x-mas trees is estimated by the Directors to be in excess of US$2 billion per annum.

POS-GRIP wellhead systems have been used around the world in more than 250 oil and gas wells to date by international customers and end users including, Apache, BP, BG, Brunei Shell Petroleum , ConocoPhilips, Petro-Canada, Shell, BHP Billiton, Talisman Energy, Tullow Oil, Global Santa Fe, Gaz de France, Maersk, Statoil and Wintershall, including in Australia, UK and Norweigan North Sea, Egypt, Brunei, Cameroon, Russia, Trinidad, Tunisia and Malaysia.

Plexus is also developing new markets for its proprietary technology. With the encouragement of, and in collaboration with a number of key oil and gas operators and service companies including ENI, Maersk, Royal Dutch Shell, Tullow Oil, Wintershall, Total, Breda, Transocean, ADTI, Oilstates and Senergy, Plexus has launched a Joint Industry Project ('JIP') to develop a best in class POS-GRIP Deepwater 'HGSS®' Subsea Wellhead design. In addition, testing is well advanced on a POS-GRIP HP/HT Tie-Back Connector which has been designed to allow operators to pre-drill HP/HT production wells and tie-back to a platform, resulting in considerable savings calculated to a range from £50m to £300m per well.

The Directors believe that its presence on AIM and the resulting raised profile, combined with access to additional working capital facilities, will accelerate the roll out of POS-GRIP technology as a superior alternative to current wellhead technology. It has particular advantages in HP/HT oil and gas environments for which there is increasing demand throughout the world. The Company's long term goal is to develop POS-GRIP technology as the future industry standard for wellhead design. This objective includes the distribution of POS-GRIP technology through licensees to maximise market penetration. The Directors believe that over time the Plexus Group can become a member of the ‘first tier' of global wellhead systems suppliers.

Products

Plexus Ocean Systems Ltd. provides various products to the Oil and Gas industry utilising its patented POS-GRIP® Friction Grip Technology. Having already been used on hundreds of wells throughout the world, Plexus continue to develop the technology and its products range to provide solutions to the industry in areas where none were available or which needed to be improved.

For more information please click here

POS-GRIP®

POS-GRIP Technology is based on two very simple engineering concepts – elasticity of materials and friction. Every object moves a small amount when a force is applied to it, and POS-GRIP uses this to flex a high pressure body in and out within the elastic range.

In wellheads, POS-GRIP can replace the conventional load shoulder or slips to create a high-load hanger support mechanism which is adjustable, full-bore, fully elastic, and provides instant, high-capacity lockdown.

“HG” Seals are robust metal-to-metal seals which can be machined directly into the hanger, and are energised by use of an external POS-GRIP mechanism.  External activation results in direct control of contact stresses at the sealing surface, leading to exceptional reliability and repeatability.  This simple and elegant sealing mechanism has been qualified for X-HPHT service using validation criteria well above and beyond standard industry seal performance verification requirements.

POS-GRIP Technology and “HG” Seals have already been applied to a wide range of wellhead and connector products, where the simplicity of the system results in robust products which are safer to operate, cheaper to install, and offer unprecedented integrity for life of field.

For more information please click here

Subsea

Wellhead equipment is critical for the safe drilling and production of subsea wells. Long term performance and integrity are crucial, due to the remote location of the wellhead. Plexus has therefore combined the safety and reliability benefits of POS-GRIP and “HG” Sealing into a wellhead system which is robust and fully tested to meet the conditions expected in deepwater and HP/HT wells.

Subsea Product Systems include:

• Python® Subsea Wellheads

• M2S Subsea Wellheads

• POS-SET Connector

For more information please click here

Surface

Well integrity and safety is never more important than when drilling exploration wells. Plexus has pioneered the use of through BOP wellhead systems for jack-up exploration drilling. Plexus also has a range of adjustable wellheads which allow all drilling and well test activities to be completed without lifting the BOP – Our aim for both equipment and process is always “Safety by Design”.

Surface Product Systems include:

• POS-GRIP Exploration Wellhead Systems

• POS-GRIP “HG” Production Wellheads

• Tersus Mudline Systems

For more information please click here

 

Technologies

Our Technologies Division is the research and development arm of Plexus and, as such, assists in the design of new products as well as managing their development and testing.

From finite element analysis (FEA) to physical testing of components, Technologies designs and tests new products in compliance with, or in excess of, industry standards for release to the marketplace through the appropriate division.

As POS-GRIP® technology has continued to be developed, the range of potential applications has become apparent and our Technologies Division is developing and looking to develop upon that potential.

The Technologies division of Plexus works toward bespoke design concepts required by our clients and also looks at developing and improving designs and applications currently being utilised in the Oil and Gas Sector. The aim within Technologies is to design and test new products to current industry stands and beyond, therefore allowing Plexus equipment to achieve a greater potential.

 

 

Bernard Herman van Bilderbeek BSc M.Eng (aged 67)

Ben founded the Plexus business in 1986. He has more than 35 years’ experience in the industry in both engineering and management roles and previously held senior positions with Vetco Offshore Industries, Dril-Quip, and Ingram Cactus. Following a career at Vetco, where Ben rose to the position of General Manager of UK Engineering, he went on to found his own oil and gas consultancy, VBC Consultants, in 1982. During this time, his clients included Amoco, Marathon Oil, FMC Corporation and Dril-Quip. In 1986, Ben founded Plexus and went on to merge the wellhead division of his company with Ingram Cactus where he became President Eastern Hemisphere. In 1996 Ben regained the Plexus Ocean Systems Limited name through which POS-GRIP technology was invented and then developed and commercialised for the oil services wellhead equipment market.

Craig Francis Bryce Hendrie M.Eng (Oxon) (aged 42)

After gaining a Masters Degree in Engineering Science from the University of Oxford, Craig began his career with ICI plc in 1996 as a machines engineer. He joined Plexus in 1998 and was instrumental in the development, testing and analysis of the original POS-GRIP products. As Technical Director, Craig is responsible for overseeing new technology and concept development, product testing and analysis.

Graham Paul Stevens BA (Hons) (aged 57)

Graham has broad experience in financial, corporate, and operational management within both public and private companies including J Sainsbury plc, BSM Group Limited, Sketchley Group plc, and Fii Group plc. He has been involved in a range of industries as a director, investor, and advisor, and overseen a number of acquisitions and disposals, as well as the implementation of turn around and growth strategies. Graham is a non-executive director of Netplay TV PLC, the AIM listed largest UK interactive TV gaming company. He was previously a non-executive director of NRX Global Inc. the worldwide leader in Asset Information Management solutions used by leading companies in asset intensive industries, including oil and gas.

Jerome Jeffrey Thrall* BBA MBA (aged 66)

*Member of Audit and Remuneration Committee’s

Jeff joined Thrall Enterprises, Inc. (‘TEI’), a family owned holding company headquartered in Chicago, USA, in 1980 as vice president of corporate development of TEI’s subsidiary, Nazdar Company, a manufacturer and distributor of screen printing and digital inks and supplies. Jeff was named President of TEI in 1995. Jeff is also Managing Director of GSI Technologies, a printer of functional electronic products and industrial graphics. Prior to joining TEI, Jeff’s professional career included a number of appointments in investment banking, commercial lending and administration.

Geoffrey Edmund Thompson BSc (Hons) M.Eng (aged 61)

Geoff has over 37 years’ experience in the international oil and gas arena. Geoff’s expertise lies in the field of wellhead equipment including high pressure high temperature (HP/HT) technology. He has recently joined Maersk Oil in Denmark as a Principal Drilling Equipment Engineer, but prior to this, he was contracted as an independent consultant for 31 years advising international operators and oil service companies including a number of Shell Group Operating Companies on well equipment and all mechanical aspects of well design and technology. Additionally Geoff has an established relationship with the Company having worked with Plexus on an independent basis previously.

Charles Edward Jones* BSc M.Eng (Age 55)

*Member of Audit and Remuneration Committee’s

Charles has over 30 years of senior management and Board experience in the energy sector.  In 2007, Charles was CEO of Houston-based Forum Oilfield Technology, a global oilfield products company which he successfully merged with three other companies in 2010 to create Forum Energy Technologies (NYSE: FET) and where he remained as President until 2013.  Prior to Forum, Charles was COO of privately owned Hydril Company LP, where he played a leading role in the US based drilling and downhole products company’s IPO in 2000 and subsequent sale for US$2.1 billion. Before joining Hydril, Charles served as Director of Subsea Businesses for Cooper Cameron Corporation where he developed the global subsea production business.

Ms Kunming Liu (Aged 38)

Kunming has over 18 years’ experience in corporate finance and financial accounting. She currently holds the position of Vice President and Chief Administrator of HITIC Energy, an emerging oil and gas development company based in Canada, which is a subsidiary of Jereh Oilfield Services Group, a multi-billion dollar Chinese oil services provider and a Plexus licencee. Prior to this, Ms Liu was the Financial Director of Jereh Energy Services Corporation, a wholly owned subsidiary of Jereh. Additionally Ms Liu holds a major in financial accounting from Shandong Cadres Institute of Economics and Management in China.

This information is being disclosed in accordance with AIM Rule 26, and was last updated on 1st December 2016.


Country of incorporation and main country of operation: UK

Number of shares currently in issue: 105,386,239

Percentage of shares not in public hands: 67.3%

Significant shareholders -

  • Mutual Holdings Limited - 40.52%
  • OFM Investment Limited - 14.3%
  • Liontrust Investment Partners LLP - 13.41%
  • LLC Gusar - 6.42%
  • Blackrock Investment Management - 5.8%
  • JM Finn Nominees Limited - 4.8%
  • Jereh International (Hong Kong) Co. Ltd. 4.24%

Plexus Holdings plc
(Registered Office Address)
42 - 50 Hersham Road
Walton-on-Thames
Surrey
KT12 1RZ

T:+44 (0) 20 7795 6890
F:+44 (0) 20 7937 4107


Plexus Ocean Systems Ltd
Plexus House
Burnside Drive, Dyce
Aberdeen
United Kingdom
AB21 0HW

T:+44 (0) 1224 774 222
F:+44 (0) 1224 774 333

 

Plexus Ocean Systems (Singapore) PTE. LTD
182 Pandan Loop
Singapore
128373

T:+65 6774 9326
F:+65 6774 9367


Plexus Ocean Systems (Malaysia) SDN BHD
Lot 2-2, Level 2, Tower B
The Troika
19 Persiaran KLCC
50450 Kuala Lumpur

T:+60 3 2178 6165
F:+60 3 2178 6015

Company Secretary
Douglas Armour FCIS
Equiniti David Venus Limited
Thames House
Portsmouth Road
Esher
Surrey
KT10 9AD

Nominated Adviser and Broker
Cenkos Securities plc
66 Hanover Street
Edingburgh
EH2 1EL

6.7.8 Tokenhouse Yard
London
EC2R 7AS

Auditors
Crowe Clark Whitehill LLP
St Bride's House,
10 Salisbury Square,
London
EC4Y 8EH

Solicitors to the Company
Fox Williams LLP
Ten Dominion Street
London
EC2M 2EE

Ledingham Chalmers LLP
Johnstone House
52 - 54 Rose Street
Aberdeen
AB10 1HA

Financial Public Relations
St Brides Media & Finance Ltd
Third Floor
Aldermary House
10-15 Queen Street
London
EC4N 1TX

Registrars
SLC Registrars
Thames House
Portsmouth Road
Esher
Surrey
KT10 9AD

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